CALGARY, May 14, 2018 /PRNewswire/ - Canadian Pacific
Railway Limited ("CP") (TSX:CP)(NYSE:CP) announces that its
wholly-owned subsidiary, Canadian Pacific Railway Company, is
issuing US$500 million of
4.000% Notes due 2028.
The transaction is expected to close on May 16, 2018, subject to the satisfaction of
customary closing conditions.
The net proceeds from this offering will be used primarily for
the reduction and refinancing of outstanding indebtedness and for
general corporate purposes. Until utilized for such purposes, the
net proceeds may be invested in short term investment grade
securities or bank deposits.
The joint book-running managers of the debt offering are Morgan
Stanley & Co. LLC, Barclays Capital Inc. and Wells Fargo
Securities, LLC.
The offering is being made pursuant to an effective shelf
registration statement previously filed with the Securities and
Exchange Commission (the "SEC"). Copies of these documents
may be obtained without charge from the SEC at www.sec.gov.
Alternatively, you may request copies of the prospectus supplement
and the accompanying prospectus for the offering by contacting
Morgan Stanley & Co. LLC, Attn: Prospectus Department, 180
Varick Street, 2nd Floor, New
York, NY 10014, telephone: 1-866-718-1649; Barclays Capital
Inc., Attn: Prospectus Department, c/o Broadridge Financial
Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-888-603-5847;
and Wells Fargo Securities, LLC, Attn: WFS Customer Service, 608
2nd Avenue South, Minneapolis,
MN 55402, telephone: 1-800-645-3751.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of these securities, in Canada or in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such
jurisdiction. Under the terms of the offering, the
underwriters have agreed not to offer or sell these securities in
Canada or to any resident of
Canada.
Forward Looking Statement
This news release contains certain forward-looking information
within the meaning of applicable securities laws relating, but not
limited, to the intended use of proceeds from the offering
including the reduction and refinancing of outstanding indebtedness
and the timing and completion of the proposed debt offering. This
forward-looking information includes, but is not limited to,
statements concerning expectations, beliefs, plans, goals,
objectives, assumptions and statements about possible future
events, conditions, and results of operations or performance.
Forward-looking information may contain statements with words or
headings such as "financial expectations", "key assumptions",
"anticipate", "believe", "expect", "plan", "will", "outlook",
"should" or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking
information as actual results may differ materially from the
forward-looking information. Forward-looking information is not a
guarantee of future performance. By its nature, CP's
forward-looking information involves numerous assumptions, inherent
risks and uncertainties that could cause actual results to differ
materially from the forward-looking information, including but not
limited to the following factors: the inability to complete the
debt financing in a timely manner or at all due to, among other
reasons, the conditions to closing not being met; changes in
business strategies; general North American and global economic,
credit and business conditions; risks in agricultural production
such as weather conditions and insect populations; the availability
and price of energy commodities; the effects of competition and
pricing pressures; industry capacity; shifts in market demand;
changes in commodity prices; uncertainty surrounding timing and
volumes of commodities being shipped via CP; inflation; changes in
laws and regulations, including regulation of rates; changes in
taxes and tax rates; potential increases in maintenance and
operating costs; uncertainties of investigations, proceedings or
other types of claims and litigation; labour disputes; risks and
liabilities arising from derailments; transportation of
dangerous goods; timing of completion of capital and maintenance
projects; currency and interest rate fluctuations; effects of
changes in market conditions and discount rates on the financial
position of pension plans and investments; and various events that
could disrupt operations, including severe weather, droughts,
floods, avalanches and earthquakes as well as security threats and
governmental response to them, and technological changes. The
foregoing list of factors is not exhaustive.
These and other factors are detailed from time to time in
reports filed by CP with securities regulators in Canada and the
United States. Reference should be made to "Item 1A - Risk
Factors" and "Item 7 - Management's Discussion and Analysis of
Financial Condition and Results of Operations - Forward-Looking
Information" in CP's annual and interim reports on Form 10-K and
10-Q. Readers are cautioned not to place undue reliance on
forward-looking information. Forward looking information is based
on current expectations, estimates and projections and it is
possible that predictions, forecasts, projections, and other forms
of forward-looking information will not be achieved by CP. Except
as required by law, CP undertakes no obligation to update publicly
or otherwise revise any forward-looking information, whether as a
result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific is a transcontinental railway in Canada and the
United States with direct links to major ports on the west
and east coasts, providing North American customers a competitive
rail service with access to key markets in every corner of the
globe. CP is growing with its customers, offering a suite of
freight transportation services, logistics solutions and supply
chain expertise. CP-IR
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SOURCE Canadian Pacific